ASIC fines Barrick Gold

Eight subsidiaries of Barrick Gold have been fined a total $127,000 for failing to lodge documents with the Australian Securities and Investments Commission.

In a statement ASIC said the documents, such as financial reports or director's reports, had not been filed within the appropriate timeframe and represented a breach of the Corporations Act 2001.

The eight companies were:

  • Barrick (Cowal) Ltd
  • Barrick (Plutonic) Ltd
  • Barrick (Lawlers) NL
  • Barrick (Darlot) NL
  • Barrick (Australia Pacific) Ltd
  • Barrick Mining Company (Australia) Ltd
  • Barrick (PD) Australia Ltd, and
  • Grants Patch Mining Ltd

The companies pleaded guilty to the charges and were convicted in the Perth Magistrates' Court last week.

ASIC commissioner Greg Tanzer said in a statement the breaches proved ASIC would continue to hunt companies that failed to report to the regulator.

"This matter demonstrates the ongoing focus ASIC has on companies that fail to uphold their reporting responsibilities which severely compromises the transparency around a company and limits shareholders’ ability to make informed decisions," he said.

"These obligations are important and ASIC will not hesitate to pursue companies who disregard them."

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